Spandana Sphoorty Financial Ltd updates on sale of stressed loan portfolio

Pursuant to the approval of the Management Committee of the Board of Directors of Spandana Sphoorty Financial Limited for the transfer of stressed loan portfolio including written off loans to Asset Reconstruction Company ("ARC"), the Company has received a binding bid from an ARC, amounting to Rs.133.00 Crore, on Security Receipt consideration basis, for the written-off portfolio with outstanding of Rs.372.45 Crore as on December 31, 2022.

The Company shall follow Swiss Challenge Method for bidding and decision of sale shall be taken as per extant guidelines governing Swiss Challenge Method and the relevant policy of the Company.

Shares of Spandana Sphoorty Financial Limited was last trading in BSE at Rs. 560.35 as compared to the previous close of Rs. 559.45. The total number of shares traded during the day was 1597 in over 347 trades.

The stock hit an intraday high of Rs. 566.20 and intraday low of 556.15. The net turnover during the day was Rs. 898475.00.

Source : Equity Bulls

Keywords

SpandanaSphoortyFinancial INE572J01011 BindingBid StressedLoanPortfolio ARC SwissChallenge